I do not carry a whistle precisely because it is useless. A boat searching for a diver will never hear a whistle or a dive alert unless they are so close they would be obviously seen or they have their engine/s off. Very, very unlikely that any searching boat would even think to turn off their engine every few minutes.
I've been in a situaion where whistle was useful... liveaboard... diving from tenders. Swell got up while we were down for the dive and strong currents... we came up scattered around. Group of 3, we could hear them calling on nautilus radio thingy but couldn't see them (combination of looking into the sun and safety sausage couldn't be seen through the waves). We heard the whistle. I found it amusing that the cheapest piece of equipment was the most useful for finding them.